In response to the Coronavirus we have increased our telephone & video call appointments, now available 7 days a week from 7am to 10pm

Head Office:
5th Floor Maddox House, 1 Maddox Street, Mayfair, London, W1S 2PZ


Brexit heats up

In today’s blog post we will examine the potential impact of a UK exit on the UK economy. As the nation moves closer and closer to the EU referendum on the 23rd of June many are still unsure how they will vote. The question, “Should the United Kingdom remain a member of the European Union or leave the European Union?” will  be answered and will hold repercussions for generations. Those who want to leave the EU cite its costly membership, a lack of control over UK borders and what they see as increased power from Brussels as the main reasons for leaving the UK. However, those who believe the UK should remain a member believe that the trade benefits, the economic benefits of a strong workforce and that ‘going it alone’ are enough reasons to not leave.

However, what does a potential Brexit look like for the UK economy and what could be the consequences of doing so? The latest report conducted by PWC for the CBI claims that the UK economy would experience irreparable damage should the UK leave. The figures speak for themselves, a £100 billion loss by 2020 equating to a loss of 5% from the GDP with 950,000 jobs potentially lost. Household incomes could fall, on average, by £2,000 to £3,000 and the unemployment rate, currently the lowest in Europe, could rise from 5.% to 8%. Other organisations such as US investment banks JP Morgan and Citi have echoed the latest report which goes into greater detail than previous studies.

However, in a survey by Yougov which put the leave campaign 9 points clear of the remain campaign it appears that the public are increasingly, at the moment, drawn to the idea of  a Brexit. There was a 25 point shift believed that leaving would reduce the risk of terrorism to the UK and a 4 point shift in those who felt that the UK would have increased global influence. However, voters were more inclined to agree that a Brexit would most likely have a negative impact on the British economy.

It is not just the UK economy that would feel the effects of a Brexit. Since the financial crisis of 2008 the U.K. economy has been a huge source of job creation as the EU has struggled to recover. Not only has the UK economy provided jobs for its own citizens but also for hundreds of thousands of others across the 28-member bloc.

Economists believe that this influx has helped British economic growth and, ironically, added to the fears over immigration that form a key part of the leave campaign’s arguments. Whilst a lot of the focus has been the impact on the UK leaving the IMF warned that an exit would have severe consequences for Europe and the rest of the world.

Ultimately as the debate hots up, both those in favour and against leaving the EU will be stepping up their campaigns to influence the public.

Regardless of the outcome of the referendum one thing is clear. That the vote will be a generation defining moment for Britain’s relationship with the EU.

What are your thoughts? Vote on our survey and let us know your opinion! https://www.surveymonkey.co.uk/r/GWRWH97

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove That You Are Human! *

Immigration Cases

What we're saying

@westkinlaw

IMMIGRATION BLOG

Read All

  • Spouse Visas: Should The Minimum Income Rule Be Rethought?

    The UK Spouse Visa allows individuals to come and live in the UK permanently with their partner. It requires individuals to be able to prove ...

    Read More

  • The Top Immigration Stories Of The Week – December 2020

    We are nearing the end of 2020, a year which has brought much turmoil for many across the world. With the pandemic still reaching new ...

    Read More

  • New Opportunities To Apply For A UK Skilled Worker Visa

      The UK Skilled Worker Visa will allow individuals to come and stay in the UK to work. This visa route has been put in ...

    Read More

  • Can you make a complaint against the Home Office?

      The UK Home Office, headed by Priti Patel, has received a large amount of backlash this year ahead of the new immigration system being ...

    Read More

  • What would a no-deal Brexit cost the UK?

      When the debate on whether the United Kingdom would leave the EU started in 2016, one of the biggest talking points, and a big ...

    Read More

Special Services

Weekend Services

 

Same Day Services

 
Looking to hire an immigration lawyer?
Book your free consultation